And the IFS warn things are only going to get worse from Britain's younger generation in the event of a Brexit. Here is why:

1/

Young people are already suffering. Millennials are earning less than they did when the financial crisis first hit. Even those under the age of 60 have not seen a rise income, despite Britain's economy recovering.

IFS

2/

Pensioners are the least likely to live in poverty. This is compared to young people who are not even parents yet. So even if they do not have a family, they are still struggling to make ends meet.

IFS

3/

The younger generation are less likely to own a home, compared to their older peers (especially pensioners). They have to rent and, apart from a roof over their heads, they will not get a return. For example, if they owned a home they could make a profit on a sale. However, rent has rocketed over the last few years and now they spend most of their income on somewhere to live.

IFS

4/

Since young people spend so much on rent, the rest will have to go on unsubsidised living costs. The chart shows a significant downwards trend in income when factoring in housing costs.

IFS

5/

And it is only going to get worse. Young people are already struggling but now since Britain voted for a Brexit, it is unlikely they will be earning more or even finding work, if they are currently unemployed, due to the negative outlook for the economy.